Increasing need for validation of medical devices, rapid growth of pharmaceutical sector, and stringent government regulations on medical devices some key factors expected to drive market growth
According to Emergen Research, the global medical devices testing services market size was USD 7.20 billion in 2019 and is expected to reach USD 14.25 Billion in 2027 and register a revenue CAGR of 9.5% during the forecast period, 2020-2027.
Medical devices are essential since they have a direct impact on an individual’s life. Therefore, it is important for medical device manufactures to follow best practices in verification, testing, and validation to assure the quality of their medical devices in order to offer better and safe healthcare services to patients. Medical device testing is a crucial part of the development process for every medical device. This includes sterility testing, chemical analysis, clinical testing and sometimes human factors. Increasing awareness about the benefits of medical device testing services and strict government regulations on effectiveness of medical devices are major factors is expected to positively impact market revenue growth.
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In addition, increasing government initiatives towards development of new and effective drugs, rising demand for in-vitro tests to detect contagious diseases and growing consumption of medical devices to improve healthcare infrastructure (especially in developing countries) are other factors expected to drive market revenue growth during the forecast period. Further, manufacturers are outsourcing medical device testing services to third parties organizations in order to reduce product recalls, which is further expected to boost market growth. However, high cost of testing services, time-consuming process to get product qualified for all medical standards and procedures and delay in the exporting and importing of medical devices are factors that can hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Preclinical Segment Revenue to Expand at a Rapid CAGR:
Preclinical segment is expected to register a rapid revenue CAGR over the forecast period due to increasing government and private investments on research and development activities in preclinical testing and initiatives towards drug development process to improve better medical services. The link between drug discovery and accessibility to the patient is preclinical testing.
Microbiology & Sterility Testing to Register Significant Revenue Growth:
Microbiology & sterility testing segment is expected to register significant revenue growth over the forecast period owing to increasing R&D activities in life science research, rising number of drug approvals, innovations in sterility testing methods and advancements in pharma and biotechnology sector.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to account for largest revenue share in the global market over the forecast period due to improving healthcare infrastructure, availability of skilled labor, rising private investments on technological advanced healthcare products. In addition, increasing healthcare budgetary allocation and rapid growth of biotechnology and pharmaceutical sector in emerging economies such as China and India, drive revenue growth of the APAC market.
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Major Companies in the Market Include:
- SGS S.A.
- Toxikon, Inc.
- Intertek Group Plc.
- Pace Analytical Services
- Charles River Laboratories International, Inc.
- American Preclinical Services LLC
- North American Science Associates, Inc.
- Sterigenics International LLC
- WuXi AppTec Group
For the purpose of this report, Emergen Research has segmented the medical devices testing services market on the basis of phase, service, and region:
Phase Outlook (Revenue, USD Billion; 2017-2027)
- Preclinical (Medical Coatings and Antimicrobial Wound Dressings)
Service Outlook (Revenue, USD Billion; 2017-2027)
- Chemistry Test
- Package Validation
- Microbiology & Sterility Testing (Pyrogen and Endotoxin Testing, Anti-microbial Activity Testing, Sterility Test and Validation and Bio-Burden Determination)
- Biocompatibility Tests
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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